139 Cressy Rd, North Ryde.
A TWO-BEDROOM house at 139 Cressy Rd, North Ryde, attracted a lot of attention from buyers when it was listed with a guide of $870,000.
The agents handling the sale, Allister Scott and Kathleen Synnott from BresicWhitney Hunters Hill, soon realised they would have to readjust the guide.
“We removed that guide because buyer feedback suggested a (sale price) of about $900,000 to $1 million,” Mr Scott said.
The auction date was also brought forward a week to accommodate keen buyers, nearly all of them young couples living in apartments but looking to move to a freestanding house.
More than 110 groups inspected the property and six registered to bid.
It sold under the hammer for $983,000 to a couple renting in Hunters Hill.
Mr Scott said drawbacks included a shared driveway not on the Torrens title and a single garage positioned at the back of the property.
The potential to knock down or build a second storey was also complicated, as new restrictions prevented the construction of houses right to the edge of the boundary, Mr Scott said.
139 Cressy Rd, North Ryde, is in good condition with original floorboards and fireplace.
But the positives far outweighed the negatives.
“Where can you get a freestanding house in the area for less than $1 million?” Mr Scott said. “You could renovate the existing house and enjoy it. ”
The property last changed hands for $600,000 in 2009, reports CoreLogic RP Data.
The statistics from CoreLogic show the median sale price for houses in the sought-after suburb started to creep upwards after 2012, when a median sale price of $873,000 was recorded for houses.
By 2014, the median had leapt to $1.334 million as opportunistic developers, land bankers and buyers wanting to knock down and rebuild discovered the suburb with its post-war fibro ex-serviceman houses on level rectangular blocks.
Light and airy: 139 Cressy Rd, North Ryde.
In the last 12 months to July, North Ryde’s median sale price for houses has levelled off at $1.7 million, with many of those early purchasers able to profit nicely from their developments.
There has been a .9 per cent decrease in median sale price for houses in the last three months and growth of 3 per cent in the last 12 months to July.
CoreLogic data shows a 94.7 per cent rise in median house prices in North Ryde during the last five years.
139 Cressy Rd, North Ryde, sold under the hammer for $983,000.